Stocks Eked Out A Small Gain

U.S. stocks eked out a small gain on Monday, shedding most of their advance in the final, as data showed further improvement in the U.S. housing market. The Dow average, which had spent much of the session above 13,000, lost its advance right before the closing bell, sinking 1.44 point, or 0.01%, to 12,981.51. The S&P 500 ended up 1.85 point, or 0.14%, at 1,367.59.  The Nasdaq Composite ended up 2.41 points, or 0.08%, at 2,966.16.

Pending home sales climbed 2% in January to the highest level since April 2010, when buyers were taking advantage of a now-expired tax credit. The pending-home-sales index rose to 97.0 from a downwardly revised 95.1 reading in December, the National Association of Realtors reported Monday. Even without the revision, the index would have shown growth, as December’s index initially was reported as 96.6. Compared to January 2011, pending home sales were up 8%.

Crude futures on Monday retreated from eight-month highs as fears grew that higher oil prices could derail the global economic recovery. Crude-oil futures for April delivery settled $1.21 lower, or 1.1%, at $108.56 a barrel on the New York Mercantile Exchange.

Yelp Inc. is expected to make its $100 million stock-market debut later this week, and it could be the last initial public offering from the Internet and social-media categories until Facebook completes its deal at some point in the next few months.

Facebook said it could team up with mobile operators on payments, in an offer that would give them back part of the revenue and influence they have lost in recent years to Apple and Google.

General Motors Co (NYSE:GM – News) is in advanced discussions to buy a small stake in French automaker PSA Peugeot Citroen (:PEUP.PA) as part of their proposed strategic alliance in Europe.